FINANCE AND COMMERCE LATEST MARKET NEWS

Gisborne Times, Volume LXXXVI, Issue 13092, 13 February 1937, Page 8

FINANCE AND COMMERCE LATEST MARKET NEWS

WATAWLLERO SALE, LARGE YARDING ->F STORE SHEEP. ONLY BEST LAMBS "MAINTAIN LATE RATES.

There was a good attendance <4 buyers at the weekly stock, sale eon ducted by the Poverty Ray Stockbrokers’ Association at the Alatiw.hero yards yesterday- Stare sheep were yarded in large numbers, the total being 12,6-50. All 'lambs not first-class showed a definite/ decline in values.

REEF. Fat cattle of dairy type, rather not well finished were offered in the beef section. The demand was good, the entry seeling readily. A heavy black cow made £5 os, good Jerseys £$ 15s to £1 4s; heifers to £6 os for a P.A. and £5 for a brindle. Prices: Cows.—4 Jerseys, medium, £2 l“s Gdi; 1 plain Hereford, £4; 1 black, £3 7s; 1 plain Jersey, £2 3s; 2 Jerseys, £3 10s; 3 Jerseys, £4 4s; 4 Jerseys, £3 10s ; 4 Jerseys, £-1 ; 2 medium Jersej's, £3 4s ; 2 Jerseys, £3 10s; 4 Jerseys, £2 17s; 1 Jersey. £2; 3 good Jerseys. £3 17s; 4 young Jerseys, £3 los;; I ditto, plain £2 11s; 1 Jersey, £3 14s; 1 weighty black, £5 os; 1 Jersey, £2 7s; 2 Jerseys, £3 Las; 3 Jerseys, £3 os. Heifers.—l brindle, £5.

Mixed sorts.—l good brindle Hereford steer, £0 Us; 5 Jersey runner steers, £2 lGs; 1 Jersey, medium voalor. £2: 1 P.A. heifer, £6 ss; 2 Jersey heifers, £2 10s. FAT SHEEP. Just over 100 fat sheep wore yarded. Ewes with good mouths to 22s Gd. otherwise, 17s 5d to 20s. Prices: Ewes.—2o at 17s 5d ; 5 Southdowns, 22s 4d ; 7. 19s 2d; ’5, G, and 8-tb, 21s; G, 22s Gd; 25 heavy, 20s; 38. 18s.

STORE. SHEER. The entry was 12(130 and lambs, many of an inferior typo, again constituted a good part of the entry. The sale generally was easier. m.t wethers sold round about recent rates. All lambs nut first-class definitely declined. The sale was a lengthy one owing to the large mini ber of small pens and in the Latter stages when the attendance had lessened considerably, the casing in

values was more noticeable. First-class wether lambs sold 20s 9d -and 20s lOd, and best c o Jambs 22s Sd and 24s Id ; 6-yr. ewes to2ls and 21s 9d, 5 and 6-yr. owes to 2ls, good 6 and 8-th ewes 27s 64, mixed -ages up to 5-yr. 27s Bd, 4. <1 and 8-th ewes to 24s 4d, and aged ewes with low months and light to medium condition. 12s to 12s sd. 2-

th owes, fairly good mnele 27s Gd to 32s Id. Wethers made 22s Id to 255. Lambs.— Ewes. 44. small, woolly, active, 17s Id; It), big good condition woolly, 24s ]d ; 132, shorn, big. sturdy, first class lot, 20s lOd.

j-'ivo and six-year owes.—-94, guaranteed, frame and condit'on. 21s; 66. even mouths, frame and eonrli. iion (p), 18s. .Mixed age ewes.—4f!o. 4-th to 5yr.. good store condition. 24s Sd: 42, fairly good mouths, good order, 17s; 1 11, good teeth, medium to light •-on dition, IDs Gd ; 1(43. f rom Ohokn. goo 1 months, light condition ,20s Id : f4>, 4, 6 and 8-th. good store condition, 24s 4cl; 100. 4 and 5-yr.. good store condition, 20s Gd. Wethers.--1.16, 2-ths, store condition, high country, medium size, 22s Id; 133, good frame, with condition, 24s ; 22. 2-th. small to average size, store condition, 22s 7d; IGL well-grown, good order. 23s Gd : <T""i

4-. th good c.ize and condition, 23s

Wether lambs. —23d, good size and condition, woolly, 17s 3d; 361. good size, fresh ’ Downs, 19s Id; 100. short, good frame. medium condition, 17s; 200, shorn, with frame and condition, 20s Od; 32, big. woolly, good order, 17s 4d; 193, shorn, a good pen, straight line at 18s. Aged ewes.—72, good condition to forward, Ids 2d ; 46, medium condition, 12si; 41, light, medium condition, 12s Sd.

Two-tooth eaves.—-62, We shorn, fairly good size. 27s 6d; 141, good size, with condition, 32s lid. Young ewes.—l 3, 6 and 8-th, size and condition, 27s Gd. ■Six-year owes.—4-11. good lusfv type, medium months, 21s 9d; 501. good ewes, from the Coast, 21s. Ewo lambs.—63. shorn., fairly good size, Leicester.?. 18s 3d: 58, shorn ’Downs, good order. IGs Gd ; 61, wellgrown, good condition, woollv, 22s Sd. PROFITS INSURANCE IMPORTANCE OF AUDITORS’ ADVICE

A comprehensive lecture on profits insurance—defined as “the safeguarding of earnings against loss in hte event of a fire damaging material property from which earnings are obtained, —was given recently at a meeting of London accountants by Mr. Cyril Brodio, one of the leading authorities on insurance. “When tho principals or directors of a firm have decided to effect a loss of profits policy, thep should find it of great advantage to consult their accountants as to the cover which should ),o taken up—both in regard to details and to amount,” he said. “It would he prudent for tlic*n to get their accountants to look through the terms of the contract which their insurers offer : in short, it would he advisable to put the accountant in direct touch with the office which is to toko tho risk. Tho proposers need not and should not have any fear that their

confidence) in their accountants or in the oifico will prove to bo misplaced. Any information given to the office: is given in the ordinary course of business, and is regarded as strictly confidential. “When an accountant is in a position to fix up an insurance of this kind ho will naturally first require to know the terms of the contract, broadly, if specifically, as without them be can hardly be in a position to give the details and amount for the cover.

“If profits are insured, as distinct from gross profit, the auditor will extract tliei net profit figure from the latest available accounts and add back to it first of all standing charges proper, such as interest, rent, and so or. Provision should also bo. made for depreciation, as this will continue to a greater or lessor degree during interruption, when earnings are short, and the policy always contains in a definition of net profit the implied condition that depreciation must- he provided for when arriving at the net profit covered by the policy. Provision for depreciation as a standing cliargo refers only to promises, plant, machinery. fixtures and fittings and not to stock.

“The auditor will then require to consider what other kind of expenditure is likely to boar an increased ratio to a diminished turnover. Such Expenditure for the purposes of a profits contract comes under the heading of standing charges. As items of this kind, there may be mentioned, firstly wages; secondly, lighting and heating, and if the insured ho manufacturers, power; and thirdly, in many cases, advertising. The latter item, if under contract, is a. standing charge proper, but if not, it is very likely that advertising results will be less favourable during business interference than when activities are normal.

“The auditor should ascertain the annual amount of all these charges, add this amount to the not profit, and consider the agrogato as being the insurable amount if the business is in a static condition. If the business is increasing a- sum should ho added to the fig lira so ascertained to provide for possibilities, bearing in mind that the iiwurnnce is subject to average.

POTATO PROBLEM NEW VAR lETIES NEEDED RESISTANCE TO DISEASE FAIR TEE RESEARCH EXPEDITION DOMINION TO PARTICIPATE It has been decided that New Zealand will participate in the cost of the cxepeditbi. to the .Lake. Titicaca- region in Sout-b America, to collect native species of potatoes to be used for potato breeding work m various parts of the Empiie. This was announced by the Minister in charge of the Department of Scientific and Industrial Research, the Hon. D. <l. Sullivan, in Grcwmoutli. The cost- to New Zealand will be £2OO.

The Minister, when making the announcement, emphasised that the decision ind ented an excellent example of Empire co-operation in valuable research. “It is now recognised hy plant breeders that little progress can be made hy using varieties of potatoes winch have long h en established,” said tho Minister, “and that it is essential to introduce new species and varieties that possess specially dcsirabl ■■ characteristics, particularly m resistance to disease. Such material will be used for crossing with existing material to produce improved strains.

“Damage to potato crops hv virus disease is a serious problem in New Zealand, as in other countries,” said Mr. Sullivan, “and the value of the proposed expedition is unquestionable. The expedition has received ihe approval of the Council of the Imperial Agricultural Bureaux. It is estimated that tho total cost will lie £1600.”

STOCKS AND SHARES •V. (Press Association}. AUCKLAND, Feb. 12. Sales on Change: Taranaki Oil, 2s 9d; . Sand ford, 4s Gd; Consolidated Brick, 60s Gd; Waldas Shoes, 20s; .Morris Hedstrom, 30s 3d; Bank of N.Z. 40s; Dominion Breweries, 445; •Government stock, ] 938-52, £lOl 12s Gd. WELLINGTON, Feb. 12. Sales on Change: Union Bank, £lO 12s; 4 per cent, stock, 1949, £lO3 12s Gd; Guarantee Corporation, As Gd ; G. J. Coles, £5 3s 9d; Wool worths (N.Z) £7 Is; Broken Hill, £4 10s lid; Mt. Morgan, 16s 3d, IGs 3ld; National To bacco. 57s Gd; Wellington Publishing £4 10s; Woohvorths, £8 12s Gd. CHRISTCHURCH, Feb. 12.

Sales on Change: Commercial Bank of Australia, l&ls 4d; Bank New •South Wales, £36; Union Bank of Australia, £lO 12s 6d; Broken Hill, 80s 9d (2); Dominion Fertiliser, 24s Gd; Dunlop Rubber, 19s. (4>; Electro Zinc, pref., 55s lid; G. J. jOoles, £o 2s 9cl; Hume Pipe, 21s Gd; Mt. Morgan, IGs sd. DUNEDIN, Fob. 12. Sales on Change: Associated Motors, 30s Gd; Mt. 'Lycll, 43s 7d (2), ’43s 9d (2); 4 per cent, bonds 1934-86, £lO3 17s Gd. LONDON BUTTER. MARKET TJ.P.A. by Elec. Tel. Copyright). LONDON, Feb. 11. The butter market is quiet. Danish is quoted at l'2os and choicest salted Australian and New Zealand at 86s. Unsalted New Zealand is 94s and unsalted .Australian 925. New: Zealand white cheese is 58and colored 525,